QMI Seismic Inc.
CNSX : QSS

QMI Seismic Inc.

April 05, 2011 13:57 ET

QMI Seismic Enters into Agreement to Unwind Acquisition of QMI Technologies

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 5, 2011) - QMI SEISMIC INC. (CNSX:QSS) (the "Company" ) reports that it has reached an agreement with QMI Manufacturing Inc.(" QMan") whereby QMan will return to the Company 20,400,001 common shares in exchange for QMI Technologies Inc. ("QTech") which was originally acquired by the Company in August of 2010.

In conjunction with the unwinding of the QMI Technologies Inc. acquisition, the Company will be granted exclusive Distribution and Marketing Rights for QTech products in the territories of Japan, Indonesia, India, Chile and Bolivia. Also the Company has converted CDN $400,000 of the funds forwarded to QMI Technologies Inc. to a loan repayable over 3 years at interest rate of 2% per annum compounded monthly.

"The synergies that the corporation expected to realize with the acquisition of QMI Technologies Inc. never materialized," added Mr. Jagpal. "The Board of Directors of QMI Seismic Inc. unanimously approved the proposed transaction to unwind the acquisition of QMI Technologies and believes that the corporation will be better positioned to market and distribute QMI Technologies Products within highly prospective territories and not be involved in the manufacturing and development process."

On Behalf of the Board:

Navchand Jagpal, President

QMI SEISMIC INC.

"The statements in this press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections."

THE CANADIAN NATIONAL STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Contact Information

  • QMI Seismic Inc.
    Navchand Jagpal
    President
    604-685-2542
    or
    QMI Seismic Inc.
    1250 West Hastings Street
    Vancouver, BC
    V6E 2M4